R&C attorneys closed the first RAD transaction in Commonwealth of VA

R&C represented the Hopewell Redevelopment and Housing Authority (HRHA) who sold a 30-unit public housing development to an owner-entity controlled by Community Housing Partners, Inc., a Virginia nonprofit developer (CHP). The current 30-unit development will be replaced by 56 units, 26 of which will be rented at market rate. Thirty of the units have been converted from the public housing program to the Section 8 voucher program. Construction of the apartments is slated to cost about $9.5 million. CHP has acquired all of the funding for the project, which includes state and federal tax credits, grants and private investment. The HRHA has a right of first refusal/purchase option to purchase the site at the end of the Low-Income Housing Tax Credit Compliance Period and will continue to monitor the site through the Housing Assistance Payments Contract and a RAD Control Agreement.